Irving Oil to build new terminal for Energy East Pipeline

SAINT JOHN, N.B. – Irving Oil says it plans to build a $300-million marine terminal in Saint John, N.B., following an announcement from TransCanada Corp. (TSX:TRP) that it has decided to proceed with its Energy East Pipeline project.

The private New Brunswick company issued a statement Thursday saying the Canaport Energy East Marine Terminal at its refinery in Saint John would handle crude oil flowing from western Canada and export it to world markets.

“The Canaport Energy East Marine Terminal will connect TransCanada’s Energy East Pipeline to an ice-free, deepwater port,” said Irving Oil president Paul Browning. “It will allow Canadian producers direct access to world markets for exporting Canadian oil via the world’s largest crude carrying vessels.”

Irving Oil said it expects engineering and design work would begin in 2015 to coincide with developments of the west-to-east pipeline, which still requires environmental approval. The new terminal would employ up to 50 people once it’s running, the company added.

A news conference was planned later Thursday at the refinery, Canada’s largest.

The Assembly of First Nations’ Chiefs in New Brunswick said it would not support the west-to-east pipeline until environmental protection and aboriginal and treaty rights were guaranteed.

“Then the chiefs will want to discuss revenue-sharing and any benefits that come from the project in terms of employment,” said Mike Girard, a spokesman for the group.